Web-Based Companies Fill PPP Loan Gaps Left By Big Banks

Online financial companies like Lendio and Kabbage have played a crucial role in supporting small businesses that struggle to secure loans from traditional banks. The initial round of PPP loans faced numerous challenges due to the novelty of the process, but improvements were made in subsequent rounds, making the application process more efficient. Despite the high demand and anxiety surrounding these loans, there is still time for businesses to apply. The video highlights the importance of patience and understanding as systems adapt to unprecedented demand.

What advice did the co-founders of Kabbage and Lendio give to businesses waiting for loan applications?

What was the impact of the coronavirus on the demand for business loans?